Item 1: Implementation of SuperMontage by Nasdaq

The Commission will consider whether the National Association of Securities Dealers, Inc. ("NASD") and the Nasdaq Stock Market, Inc. ("Nasdaq") have satisfied the conditions that must be implemented prior to or at the same time as Nasdaq's implementation of a new order display and collection facility ("SuperMontage"). The conditions, which were imposed by the Commission in a prior order granting conditional approval of the SuperMontage, include an alternative display facility established by the NASD for the display of market maker and ECN quotes.

For further information, please contact John Polise at (202) 942-0068, Sonia Patton at (202) 942-0753, or Chris Stone at (202) 942-7938.